Registored Charity Numbor: 269640 (UK ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ST PATRICK'S MISSIONARY SOCIETY UK CONTENTS Page Reference and admlnlstrativw detsils Trustee's report Stat9mpnt of Trustee's ro$F)onsibiliti8s Indep&ndent auditors. report 10-14 statement of financial actlvlties 15 Balancè sh••t 16 Statem8nt of cash Ilows 17 Notes to the financial statements 18-34
ST PATRICK'S MISSIONARY SOCIETY UK REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustee St Palrsck's Missionary SocEty Trustee Limited Charlty reglstered number 269640 (UK) Principal office 242 Brooklands Rd Weybridge Surrey United Kingdom KT13 Independent auditors RBK Business Advisers Chartered A¢counlants & stsIOry Audit Firm Termini 3 Arkle Road Sandyford Dublin 18 Ireland Bankers Barclays Bank PLC 29-30 Htgh Street Windsor Berkshire United Kingdom Solicitors Millet & Matthews Solicitors Main Street Baltinglass Co. Wicklow Page 1
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee ol St Patrick's Missionary sIety UK has the pleasure in presenting this Report and Financial Statements for the year ended 31st December 2023. The Trustee's Report is prepared in a¢cordance with Charities SORP and the audrted financial statements for the year endecl 31st December 2023, which are prepared In accordance with the Statement of Recommended Praetice applicable to Charrties Preparing their accounts in accordance wrth the Financial Reporting Standard applKable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191 and FRS 102. During 2023 the spiritual and promotion activity of Sl Patrick's Missionary Society, based at 20 Beavchamp Road, East Molesey, Surrey, and covering both England and wa$, continued lo focus on promoting spiritual and financial support for the Society and the missionary work of the Lord throughout these countries. The ever- generous response of the people of both countries can be seen in the financial returns. STRCTURE, GOVERNANCE AND MANAGEMENT a. History The Distncl HouselPromotion Office of Sl Patrick's Missionary Society is k)caled at 20 Be8u¢h¥mp Road, Ea51 Molesey, Surrey. The District Leader is Fr Joseph Mccullough, assisted by Fr Chris McGuinne55. The Director of Promotion is Fr. Stephen lfjmani. Fr. Timothy Redmond 15 a resident at 242 Brooklands, he is the communications offi¢er for SPMS, and the safeguarding lead for SPMS UK. The Society does not have any premises in Wales. b. Members Throughout 2022123 there were a total of seven members of St Patrick's Missionary Society resident in England. There are no members resident in Wales. Five members are resident outside the Sociells London house, of whom four are involved in parishlchaplaincy ministry in their respective locations. There are three members resident al 242 Brooklands - one of whom is directing the promotion programme of the Society and onè holds Society posrtion. The main focus of thè work of the Society In England & Wales is the promotion ol the Society and ils missionary work. This work involves parish visitation al weekends to those parishes allocated lo the Society by the Catholic Missionary Union, under the auspices of the Catholic Bishops Conference of England & Wales. During these weekend visits lo parishes, our priests invite people lo support the missionary work of the Society, both spirilually and financialty. During the week, the Director of Promotion administers the Promotion Office and is assisted in this by an Offi¢e Manager and two full time Office Assistants. Page 2
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT ICONTINVEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRCTURE. GOVERNANCE AND PdlANAGEMENT Icontinuedl ¢. Governance In accord8nce with the constitution of the Charity the four members of the Central Leadership Team residing in Kenya are Trustees together with the Bursar General of Sl. Patrick's Missionary Society who resides in Ireland and is. by virtue ol his office, Secretary lo the Board. The local Leader residing in the UK is also appointed as a Trustee_ As all the Trustees. on assuming office, are members of the Society they already have knowledge of the work of the Charty and its sliuclure. There is a policy of indUCtn and on-going training of Trustees. On being appointed. after the General Chapter every six years, the new Trustees are required lo spend a week with the Trustees who art leaving office, for a comprehensive briefing and hand-over. They also re¢oive a briefing from the S¢xiety's accountant and legal and investment advisers in order to becL¥ne aware of their responsibilitie5 and the Charity's financial position. The Trustees have a good knowledge of the principles of good governance and they understand their responsibilrties and duties as Iruslèes of the Charity. They are fully committed as a 80ord to complying wth all the legal and st8tulory regulations governing the Charity Seclor. A6 all Trustees are members of Sl. Patrick's Missionary Society their liwng costs are bome by the Charty. They receive no remuneration or expenses lor their services as Trustees. The names of the Trustees who served during the year are set out as part of the legal and adminislralive information on page l of this annual report and accounts. Page 3
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 STRCTURE. GOVERNANCE AND MANAGEMENT Icontinuedl d. Risk managèm•nl In line with the requirement for the Trustee lo undertake a risk assessment exercise snd report on the same in their annual report, the Trustee has looked al the risks the Charity currently facès and have reviewed the measures alreaty in place or needin9 to be pul on place. The Trustee has identified six areas where risks may occur.. Govemance and management Operational Financial Reputstional Laws, regulations, external and environment Governance and managernenl looks at the risk of the Charity suffering from a lack of direction, at the skills and training of rts members and staff, and the good use of its resources. The appointment of a Governance Sub- committee t¢ advise the Board and lo set in place the necessary structures, policies and prot01$ is 8 key strategy in mi119aling this risk. Operational looks at the risks Inherent in thè Char$ actiwties, including the Mission Awareness Programme carried out in parishès throughout England and Wales. 11 looks al the risk trf members engaging in inappropriate activities, the unsuttabilily of buildings, poor maintenance, shortcomings in the Services provided, dfficulties with staff, poor health and safety provisions and the provision of a disaster recovery policy. The appointment of key appropriately trained personnel, e.g. a Child Safeguaiding Officer and a Data Prole¢lion Coordinator, helps to miligale these risks. Financial risks inelude those arising as a result of poor budgetary control, inappropriate spending. poc>r accounting, Inappropriate inve51menl policies, foreign currency exchange, elc. The appointments of a qualified Charter8d Accountant and appropriately qualified support staff help to mitigate these risks. Reputational looks al possible damage to the Charills reputation and the risk 15 lessened by a dedi¢ated communulions department. Laws, regulations, external and environment look al the effects of government policies and the consequence of non<ompliance wilh laws and regulations. The Trustee and rnanageTS are encouraged and resourced lo avail of in-5ervice training lo update their skills and knowl8dg@ of the ever increasing regulations and legislation in the Charity SecloT. Having assessed the major risks lo which the Charity is exposed. the Trustee believes that by monrtoring reseNe levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the Charty, it has established effective systems lo miligale those risks. The Trustee has maintained a policy of continuous monitoring of the risks that th8 Charf(y faces. Page 4
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 STRCTURE. GOVERNANCE AND MANAGEMENT Icontlnuedl . ProtKtlon of Chlldrgn and vulnerable adults Along with all other organisations who serve in the communtty, the Trustee reco9nises the absolute necessity of ensuring the protection and safely of all those the Chanty serves. They are commilled lo protecting and promoting children's rights. 11 is the responsibility of every mernber, volunleer and employee of the Charity lo uphold the law and adhere lo Gospel values by respecting the dignity and rights of all children, young people and vulnerable adults, and lo work together lo ensure their safety and wellbeing. Sl Patrick's Missionary Society is committed to working in partnership wf(h Ihe Civil Authoritiès to ensure all aspects of the safeguarding of children are managed properly, professionally and justly. We adhe lo the slalulory policy and are committed to following besl practice as SFcrfied in the National Safeguarding Policies for the Catholic Church in Englarid anLI Wale5 and lo followin9 our own Child Protection Policy and Procedures as sel out in the documents "Policy and Procedures for Safeguarding Children in Sl Palri¢k's Missionary SIetY- and "2D18 Revised Safeguarding Policy for the Distri¢l of Ireland" Iwww.spms.orgl. All members of the Society, Dur employee$, volunteers and those working in association wlh the Society are required lo comply with these policies. f. Organi5ational structure and rnanagoment reporting The Trustee is ultimately responsible for the policies, aclivils and assets of the Charity. The board meets on a règular basis lo review developments with regard to the Charity and its aclivilies, lo plan for the future and lo make any important decisions that need lo be made. When necessary the Trusteè seeks advice and support from th8 Charitls professional advisers including Investment Managers, Solicrtors and Accounlanls. The Bursar General and the Society Accountant meet with the Trustee to discuss and VIeW the quarterly management and financial reports. the annual budget and whenever necessary to provide as31s1ance lo the Trustee in carryin9 Out their responsibilities. The annual budget PToce5s involves detailed projections for planned expenditure and the calculation of expected Income. This is carefully analysed and On approved by the Trustee must be strictly adhered to. The Bursar's office monitors this closely. The Trustee receives a statement of income and cash ftow on a monthly ba51S. The day-l04ay management of the Charity's financial aclwities and the implementation of budgetary and other financial policies are delegated to the Bursar General, who is a member of St. Patrick's Missionary Society. The Bursar General admintslers the financial affairs of Sl Patrick's Missionary SoGiely under the diieclion of the Trustee and is assisted in his work by Ihe Society Accountant and other senior staff. Page 5
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES & ACTIVITIES {INCORPORATING ACHIEVEMENTS AND PERFORMANCE} . Objective5 & activities Th8 objecllsl for which the Association is established is the advancement of r81igion. In furtheranc& of thi5 the primary objectives are.. lal To engage in missionary activities in Africa or in any other eountry or any other continent in which the Society may be asked lo assist by the Holy See Ibl To bring the teaching of Christ to the peoples of any of the countries of Africa or any other country in whh the Society may be asked to assist by the Holy See Ic) To Care for the spiritual welfare of its members and those Christians in Afri¢a or in any of the countries referred lo in the preceding paragraph Idl To educate, train and maintain students preparing for the priesthood in any Society or Congregation engaged in promoting the foregoing objects, or any of the foregoing objects, and lo educate: train and maintain persons preparing for admission as lay brothers in any such Society or Congregation le) To maintsin and support the priests and lay brothers of any such Society lfj To educate, train. maintain and support poslulanls, novices and professed sisters of or in any religious Society or Congregation engaged in promoting the objects or any of the objects sel out in sub-dauses (a), Ibl and Ic} of this Clause, and lo contribute to the funds of any such S(xiety oi Congregat (gl To educate, train and maintain and support, and remunerate and provide pensions or retiring allowances for teachers, catechists and any per$on$ who assist or who inteThJ lo assist in any of the foregoing objects. The Society promotion programme, which h8s been functioning for many years, is 8nd remains the main purpose for the Scciety's presence in England and Wales. This programme has helped enomously over the years lo build up a very loyal and generous family of supporters throughout England & Wales, almost all of whom Contribute ragularty and generously. The following are the main aspects of the Promotion Progranwne Parish Weekend Appeals - whereby people are invited lo missionary awareness and support. Usually we are albcated dioceses per year. Not all parishes respond lo our request to come and make our MissK)n Appeal but we generally visit all who invite u$- usually about 80190 parishes per year. Bulk Mail Appeals - of which there are four throughout the year- gefterale considerable income for the Society and the missionary work ol the Lord, especialty the Lenten Appeal. These activities were carried out successfully in 2022. Africa magazine - the Society magazine, is distributed nine times a year to OLJr benefactors. Approximately eleven thousand three hundred copies are sent out as a mean5 of cornmunication and ¢ont&l with our benefactors. While not income generating, Africa magazine helps greatly to make the Socievs name and mission known and supported. Other income streams - Goordinaled from the Promotion Office, bring in considerable income. These include donations for our Occasion Cards, Mission Circle income, Perpetual Enrolmenl, Bequests and general donations. These activrties were particularfy successful during 2022 and may be largèty due to the pandemic when supporters were mDre confirred to home and had more time lo attend lo their mail. Social medla using our website and Facebook page - is fast becoming more and more important as a means of Page 6
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 OBJEcnvES & ACTIVITIES (INCORPORATING ACHIEVEMENTS AND PERFORMANCE) Icontlnuedl publicising the name and mission of the Society. This is an area of growth in the Charitles activities and perfomiance. The Society gratefully acknowledges the wonderful generosity of the people of England & Wales over many years and the ¢onlribution, both spiritually and financialty. which they have made, and continue lo make, to the missionary work that the Charity supports. Work is ongoing in streamlining the activities of the Promotion Office through sharing the resources and expertise of our very committed and professional staff in our promotion offi¢es in Kittegan 8nd Scotland. The weekend Parish Appeals are a vital element of gathering and adding names lo our database. This is as important, il not more important, than the actual direct income received from the Mission Appeals. Not being able to gather such names in 2021 undoubtedly will have a long term negative effect on our alieady de¢lining database. Our database has reduced lo nineteen thousand member5, due to a clean up before the new database was installed. Tidying up our database and removing any inaclDie members remains an ongoing task. We are very conscious of increasing expenditure eosls and continuing efforts are made lo reduce them where possible. One of our largest expenditUTe stream5 15 postage. We continue lo make every effort to reduce this as much as possible and especially by inviting people to allow us to acknowledge their generosrty by email and text acknowledgment rather than by letter. FINANCIAL REVIEW a. Financial information Total Income for the year amounted lo £1,635,822 12022.. £1.794,9551 which are the total reserves of the Society. Total charitable expendiluro, in¢luding Inlra-fund transfers, for the year amounted lo £1.910.521 12022.. £1,693,110). This resulted in a net deficit of £274,699 leamng an accumulated fund balance of £1.033.727 al 31 December 2023. FUTURE DEVELOPMENTS The Society does not expect lo make any significant Changes lo ils activities in England & Wales in the near futu. EVENTS AFTER THE BALANCE SHEET DATE There have been no significant ev8nts affecting the Charity since the financial year*nd. Page 7
ST PATRICK'S MISSIONARY SOCIETY UK TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Signed on behalf of tha Tru51ee by.. Trustee rustee Dale.. 4 September 2024 Page 8
ST PATRICK'S MISSIONARY SOCIETY UK STATEMENT OF TRUSTEE'S RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee 1$ responsible for preparing the Tru51ee'5 Report and the financial statements in accordance th appIable law and United lfjngdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Th8 law applicable lo charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the 5ts1e of affairs of the Charity and of f(s incoming resources and appli¢alion of re$our¢es, including its income and expendrture, for that period. In Preparing these financial slalemenls. the Trustee 18 required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of thè Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disc105ed and explained in the financial slalemenls., prepare the financial slalemenls on the going conc8rn basis unless it is inappropriate to presume that the Charity will continue in business. The Trustge is r8sponsibl& for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial positn of the Charity and enable them to ensure that the financial slalements compty with the Charities Act 2011, the Charity IAccounls and Reportsl Regulations 2008 and the PTovisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for laklng reastmable steps for the prevention and detection of fraud and other irregijlarilies. Approved by.. -trustee rustee Date.. 4 September 2024 Pa9e 9
ST PATRICK'S MISSIONARY SOCIETY UK INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST PATRICK'S MISSIONARY SOCIETY UK Opinion We have audited the financial slalemenls of Sl Patrick's Missionary Society UK Ilhè 'Charty) for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet. the Slalemenl of cash flows and the related noles, including a summary of signrficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and R8public of Ireland, {United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the Charil¢s affairs as al 31 December 2023 and of ils incoming resources 8nd application of resources, including ils income and expendf(ure for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice", and have beèn prapar8d in accordan with the requirements ofthe Charf(ies Act 2011. Basis for opinion We conduded our audit in accordance wrth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilit$ under those standards are further described in the Auditors, responsibilrties for the audrt of the finan¢ial statements section of our report. We are independent ol the charily in accordance with the ethical requirements th81 are relev8nl lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in 2ccordance with these requirements. We beIve that the audit evidence we have obtained is 5uffKient and appropriate lo provide a basis for our opinion. Concluslons relating to going concem In auditing the financial slatemenls, we have conduded that the Trustee's use of the going concem basis of accounting in the prepaiation of the financial slalemenl$ 1$ appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or cDllectThiely, may cast significant doubl on the chanty's abilty to continue as a going con¢efn for a period of at least e1ve months from when the financial statements are aulhorised for issue. Oui respon5ibililies and the responsibilities of the Trustee wlh respect lo going concern are des¢ribed in the relevant sections ol thi5 report. Page 10
ST PATRICK'S MISSIONARY SOCIETY UK INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF ST PATRICK'S MISSIONARY SOCIETY UK ICONTINUEDI other information The other information comprises the infomation included in the Annual report other than the financjal slalements and our Audf(ors' report thereon. The Trustee is responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other infomalion and, except lo the extent otherwise explicitly slated irb our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other Information and. in doing so, consider whether the other information is materially inconsistent wlh the financial statements or our knowledge ob18ined in the Course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required lo delemine whether this gNes rise lo a material misslatemenl in the financial slalemenls themselves. If, based on the work we have perfomed, we conclude that there is a material misstatement ol this other information, we are required lo report that faet. We havè nothing to report in this regard. Matters on whlch we are required to report by ex¢gPtion We have nothing lo report in respect of the follcv4ing matters where the Charities Act 2011 requires us lo report lo you if, in our opinion.. the information given in the Trustee's report is inconsistent in any material respect with the financial slatemenls., or sufficient accounting records have not been kept." or the financial statements are not in agreement wrth the accounting records and returns,. or we have not reCVed all the Information and explanations we require lor our audit. Responsibilities of trustees As explained more fully in the Trustee'5 responsibilities stslement. the Trustee is responsible for the preparation of the hnan¢ial statements which give a true and fair view, and for such internal control as the Trustee delemines is necessary to enable the preparation ol financial slalemenls that ar@ Iree fiom material misstalemenl. whether due to fraud or error. In preparing the financial slalemenls, the Trustee is responsible for assessing the Charity's ability to ¢onlinue as a going concem, disclosing, as applicable, matters lated to going concern and using the going concem basis of accounting Ljnless the Trustee either Intènds to liquttjale the charity or to cease operations, or have no realistic allernalive bul lo do so. Page11
ST PATRICK'S MISSIONARY SOCIETY UK INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ST PATRICKS MISSIONARY SOCIETY UK ICONTINUEDI Auditors. responsibilities for thg audit of the financlal statemonts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wrth the Act and relevant regulaliohs made or having effect thereundei. Our objectives are to obtain reasonable assurance aboth whether the financial statements as a whole are free from material misslalemenl, whether due lo fiaud 01 erioT, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assuran¢e, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstatement when ¢t exists. Misslalemenls can arise from fraud or èrror and are considered material if, individualy or in the aggregate. they could reasonably be expected lo influence the economic decisions Of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non•compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalèmenls in respect of irregularities, including fraud. The extent lo which our procedures are ¢apable of detecting irregularities, including fraud is detailed below.. We identify and assess the risks of material misstalemenl of the finan¢ial slalemenls, whether due to fraud or error, and then design and perform audrt procedures responsive lo those risks, including obtsining audit evidence Ihal is sufficient and appropriate lo provide the basis for our opinion. In Identin9 and assessing risks of material miss181emenl in respect to irregularities, including fraud and nonwmplk?nce with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance," the Gharily's own assessment of the risks that irregularities may occur either as a result of fraud or error, results of our enquires of management and other key persons about their own identification and assessment of the risks of itregularilies,. any mallers we identified having obtained and reviewed the Charty's documentation of their policies and procedures relating to.. idenlifw"ng, evaluating and complying with laws and regulations and whether they were aware of arby instances of non-compliance.. and delecling and responding lo the risks of fraud and whether they have knowledge ol any actual, suspected or alleged fraud,. and the internal conlrols established lo mitigate risks of fraud or non-compliance with laws and regulations.. the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of thes6 procedures, we considered the opportunities and incentives that may exist wlhin the organis81ion for fraLJd and identified the greatest polential for fraud in the areas in which management is required lo exercise significant judgement. In common with all audits under ISAS {UKI we are also required lo perform specific procedures lo respond lo the risk of management override. We also obtained an understanding of the legal and regulatory framework that the Charity operates in. focusing on provisions of those laws and regulations that had a direct effect on the deleminalion of material amounts and dIlOsureS in the financial statement$. In addition, we considered piovisions of other laws and regulations that do not have 8 dire¢l effect on the financial slalemenls bLrt compliance with which may be fundamentsl lo the Charity's ability lo operate or lo avoid a material penaty. These included the competition and anti-bribery laws, data protection, employment, environmental and health and safely regulations. Page 12
ST PATRICK'S MISSIONARY SOCIETY UK INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ST PATRICK'S MISSIONARY SOCIETY UK (CONTINUED) Audit Response lo Rlsks Identified As a result of performing the above we identified sever81 potential risks of fraud. Our procedures to respond lo risks idenlifEd included the following.. revpwing the financial slalemenl dis¢losures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulatn$ described as having a direct effect on the fi'n8n¢ial slalements., enquiring of management and external legal counsel concerning actual and potential litigation and claims- performing analytical and subslanlive procedures to idenlrfy any unusual or unexpected relationships that may indicate risks of material mis51atemenl due lo fraud., reading minutes of meeting5 of those Charged with govemance., addressing Ihe risk of fraud through management override of controls, testing th8 appropriateness of journal entries and other adjustmenÉs, assessing whether the judgements made in making accounting estimates are indicative of potential bias. and evaluating the business falionale of any significant transactions that are unusual or outside the normal course ol business., W& also communicated relevant identified laws and reoulalions and potential fraud risks to 811 engagement team members who remained alert to any indicators of fraud 01 non-compliance with laws and regulations throughout the audit. As part of an audrt in accordance with ISAS IUKI, we exercise professional judgement and maintain professional scgplicism throughoul the audit. W& also.. Id¥nlfy and assess the risks of material misstatement of the financial stalemenls, whether due lo fraud or error, design and perforw audit procedures responsive lo those risks, and obtain audit evidence that is sufficient ar)d appiopriale lo provide a basis for our opinion. The risk of not detecting a material misslatemenl resulting from fraud is higher than for one resulting from error, as fraud may involve ¢ollusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant lo the audrt in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion of the effectiveness of the Charitys inlemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of %Gounting eslimales and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees. use of the going concern basis Df accounting and, based on the audtt evidence obtained, whether a material uncèrtainty exists relatèd to events or Conditions that may ast signrficanl doubl on the Charty's ability lo continue as a going concern. If we Conclude that a material uncertainly exists, we are required to draw attention in our Auditors, Report lo the ielaled disclosures In the financial slalemenls or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our Auditors, R@port. However, future events or conditions may cause the Charty lo ¢ease lo continL* as a going concern. Evaluate the overall presentation, structure and Gontenl of the financial stalemenls, induding the disclosures, and whelher the financial statements represent the underlying Iran5aclions and events in a manner that achieves fair pr8senlalion. We communicate wrth those charged with govemance regardiny, among other mallers, the planned scope and liming of thé aLJdit and significant audit findings, including any 5ignilicanl defi¢ien¢ies in internal conlToI that we identify duTing our audit. Page13
ST PATRICK'S MISSIONARY SOCIETY UK INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF ST PATRICK'S MISSIONARY SOCIETY UK (CONTINUED} Thè purpose of thè audit work and to whom we owe our responsibilities This report Is made solely to the Charitys Trustee, in accordance Imth Part 4 of the Charities (Accoun15 8nd Reports) Regulations 2008. Our audrt work has been undertaken so that we might stste to the Charrtls Trustee those mattefs we are required lo stale lo therN in an Audrtors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustee, for our audit work, for this report, or for the opinn5 we have formed. kJL Ronan Kllbane for and on b8half of RBK Business Advisers Chartered Accounlanls & Statutory Audit Fimi Temiini 3 Arkle Road Sandyford Dublin 18 Ireland 4 September 2024 Page 14
ST PATRICK'S MISSIONARY SOCIETY UK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 RestTiGted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Othèr income 1,536,914 70,835 3,000 105,942 25.073 1,642,856 95,908 3,000 1, 701.675 85,380 7.900 Total inrne 1,610,749 131.016 1.741.764 1, 794,955 Expenditure on- Charitable lY[leS 1,885.448 131.015 2,016,463 7.693, 170 Tolal expenditure 1,885,448 131.015 2,016,463 1,693, 110 Net movoment In fund$ {274.6991 1274.6991 tOl,845 Reconciliation of fvnds- Total funds brought frirward Net movement in funds 17 1,308,426 1274,6991 1.308,426 1274.699) 1,206.587 101.845 Totsl funds carried forward 17 1.033,727 1.033,727 1,308,426 The Statement of financial acliwties includes 811 gains and losses re¢ogni$ed in the year. Page 15
ST PATRICICS MISSIONARY SOCIETY UK BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 12 732,128 766,2LIg 732,128 766,200 Curr•nt assets Stocks Debtors Cash al bank and in hand 13 14 9.003 11,974 324,454 8,546 6,631 577,933 21 345,431 593, 110 Creditors.. amounts falling ijue within one year 15 143.832 (50,884J Net current assets 301.599 542, 226 Total net assets 1,033.727 1,308,426 Charity funds Reslricled funds Unrestricted funds 17 17 1.033.727 1,308,426 Total funds 1,033,727 1,308,426 The financial slalemenls were approv8d and authorised for issue by the Trustee and signed on their behalf by". Trustee rustee Dale.. 4 September 2024 Page 16
ST PATRICK'S MISSIONARY SOCIETY UK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows trom opeTating activitie5 Nel cash (used inllprovidecl by operating aclivilie5 1256,479 130,964 Cash flows from investing a¢tivitle$ Proceeils from the sale of tangible fixed assets Purchase of tangible fixed assets 3.000 7,900 (55,675) Net cash provided byl(used inl investing activlties 3,000 147.7751 Cash flow5 from finan¢lng activiti•$ Net cash provided by financing activities Change In cash and cash equivalents in th¢ yoar Cash and cash equivalents at the beginning of the year 1253,4791 577,933 83.189 494. 744 Cash and ¢a$h equivalents at the end of the yèar 324,454 577,933 Page 17
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation Sl Patrick's Missionary Society UK is a Charity regislera in the United Kingdom. The registered oflice of the Charity is 20 Beauchamp Road, East Molesey. United Kingdom, which is also the principal place of business of the Charity. The nature of the Chaiity's operations and rts principal aclivitses are sel out in the Trustee's Report. These financial stslemenls comprising the Stat8m8nl of financial activities, the Balance sheet. the Statement of cash flows and the related notes constitute the individual financial slalements of Sl Patrick's Missionary Society L+K for th8 financial year ended 31 December 2023. Currency The financial statements have been pre8ented in (£1 Sterling which is also the functional currency of the Charity. Accounting policies 2.1 Basis of proparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo Gharilies preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (efiective 1 JanLJary 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. st Patrick's Missionary Society UK meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised al hisloii¢al ¢osl or transaction value unless otherwise slated in the relevant accounting policy. The significant accounting policies adopled by the Charity and applied consistently are as follows.. 2.2 Going ¢onGern The financial statements have been prepared on the going concern basis which assumes that Ihe Organisalion will continue in operalK)nal existence for the foreseeable future. The organisalion has unrestricted reseNes of E1,033,727 al the balance sheet dale. Projections and budgets indicate that these unrestricted reserves and available liquid cash resources are more than adequate lo cover ryerating costs and anticipated liabilitie5 in the short lo medium terni. On this triasis and based on the above factors, the Trustee is satisfied and confident that the entity has the ability lo ctsnlinue as a going concern for a penod of at least 12 months from the date of approval of these financial statements and that the Going Conrn basis of preparation of the financial slalemenls is appropriate. The financial statements do not contain any adjustments that rnay be necessary should the going concern basis of preparation not be deemed ¥propriale. Page 18
ST PATRICK'S MISSIONARY SOCIEfY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ounllDg policiès leontinuedl 2.3 Income Don3tions and legacies Donations are recognised whe the chartty has enlillemenl lo the Income. the amount can be reliably measured, and il is probable that the income will be received. In the event that a donation is subje¢l lo conditions that require a level of perfomiance before the Charity is enlilled lo the funds, the Incomè is deferred and not recognised until either those conditions are fully mel. or the fulfilment of those conditions is wholly within the control of the Charity and il is probable that those condiliDns will be fulfilled in the reporting period. Cash donations collected are recognised as Income when Ihe Charty gains control, and the amount can be reliably measured. Legacie5 aTe included in the slalemenl of financial activities when the Charity has been notrfied by the execulorfs that the payment will be made, property transferred, and the amount can be reliably measured. Income from charitable 8clivilies Income f¥om charitable activilies is recognised to the exlent that il is probable that the economic benefrts wll flow lo the Charity and the revenue can be reliably measured. It Is measured at fair value of the consideration received 01 receivable, including any relevant value addèd tax. Other income is recognised in the period in which il is receivable and lo the extent the goDJs havé been provided or on completion of the service. 2A Expendlturg Expenditure is recognised once there is a legal or conslrudive obligation lo transfer economic benefit lo a third party, Il is probable that a transfer ol economic benefits will b& raquired in settlement and the amount of the obligation can be measured reliably. Expenditure is ¢lassified by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support Costs involved in undertaking ea¢h aclivily. Direct costs allribulable to a single acliwty are allocated directly lo that activity. Shared costs which contribute to more than one activty and support eosls which are not attributable lo a single a¢livtty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity lo raise fund5 for ils charitable purposes and includes Costs of all fundraising a¢livities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertsking the aclNilies which lurther the Charity's objectives, as well as any asswialed support costs. All expenditure is inclusive of irrecoverable VAT. Support ¢o$tS are those that assist the work of the Char(ty bul do not directly represent charitable a¢livilies. They are incurred directly in support of expenditure on the objects of the Charity. Governance costs comprise the costs directly attributable lo the organisalional procedure5 and the necessary le9al procedures for compliance with statutory requirements. Page 19
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontinuedl 2.5 Foreign currencigs Monetary asset$ and liabilities denominated in foreign currencies are Iianslaled into sterling at rates of exchange ruling at the reporting dale. Tiansaclions in foreign currencies are translated into slerting at the rate wling on the date of the Iransaclion. Exchange gains and losses are recognised in tho Statement of financial a¢livities. 2.6 Tanglblg fixod assets and deprecialSon Tangible fixed assets are initially iecognised al cosl. After recognition. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed a55el into rts intended working condrtion should be included in the measurement of cost. DepclaI10n is charged so as lo allcKale the wsl of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basi5.' Land and freehold property Motor vehicles Fixtures and fittings Furniture and equipm8nl 2V/o Straight line 300/• Slraighl line 150/0 Reducing balance 100/ SITaighl line Gain5 and losses gn disposals are deterniined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activil*s. 2.7 Stock$ Stocks are valued al the lower of cost and nel r8alisable value after making due allowance lor obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Tradè and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Ca$h at bank and in hand Cash al bank and in hand includes cash and short-tetm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the dep051t or Similar account. 2.10 Credltors Trade and other creditors are classified as ¢urrent liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilrtie5. Trade payables ale recognised initially al the transaction price and subsequently measured al amortised cost using the effective intere$1 method. Page 20
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 2.11 Contingencies Contingent liabilities, arising a5 a result of past events: are not recognised when li} il is not probable that there will be an ouffiow of resources or that the amDunl cannot be reliably measured al the reporting dale or lill when the existence will be ctsnfirrned by the occurrence or non-oc¢urren¢e of uneertain future events not wholly within the charity's control. Conlingenl liabilities are disdosed in the financial slalemenls unless the probability of an outhow of resources is remote. Conlingenl assets are not recognised. ConlirrfJenl assets are disclosed in the linancial slalemenls when an inflow of economic benefrts is probable. 2.12 Provlslons Provisions are recognised when the Charity has a present legal or constructive obligation 8$ a result of past events,. it is probable that an outflow ol resources will be required lo settle the obligali)n", and the amount of the obligation can be eslimaled reliably. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlemenl is determined by considering the class of obligations as a whol@. A provision is reeognised even if the likelihood of an outflow with respect to any one item included in the same class of oblpalions may be small. Provisions are measured al the present value of the expendituts expected lo be required lo settle the obligation using a pr&lax rale that reflects current market assessments of the lime value of money and the risks specific to the obligation. The increase in the provision due to passage of time is re¢ognised as a finance cost within expenditure on Charitable actiwlies. Page 21
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counting policies {continuedl 2.13 Flnahciol instruments Th8 Charity has elected lo apply the provisions of Section 11 'Basic Financial InslTumenls' and Se¢tion 12 '01her Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial Insturments are recognised in the Charity's balance sheet when the Charity becomes paty lo the Contractual p¥oMsk)ns of the inslumenl. Financial assets and liabilities are offset, wrth the nel amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settl8 on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are intially measured al transaction price including transaction costs and are subsequently carried al amortised ¢osl using the effective interest method unless the arrangement conslrtules a financing transaction, where the transaction is measured al the present value of the lulure receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilrties Basic financial liabilities, including Creditors and bank loans are inlially recognised at transaction pric& unless the arrangement conslilues a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from Suppliers. Amounts payable are classtfied as current liabilities if payment is due wlhin one year or less. If not, they are presented as non-current liabilities. Tfade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective inlerels method. 2.14 Taxation The Charity is a registered Charity and, therefore, is not liable lo income lax or corporation tax on income derived from their charitable aclrvilies. as rt falls within the various exeniptions availab lo registered charities. Page 22
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Accounting policies l¢ontlnued} 2.15 Fund aecounting General funds are unre51ricled funds which are available for use al the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been s8t aside by the Trustee for particular purposes. The aim and use of each d8signated fund is set out in the notes to the finan¢ial slalements. Restricted funds are funds which are to be used in 8¢¢oidance wlh spècrfic reslriclions imposed by donors or which have been raised by the Charty for particular purposes. The costs of raising and administering such funds are charge£l against the specific fund. The aim and use of each reslrided fund is sel out in the notes lo the financial slalemenls. 2.16 SeDilces provldgd by members of thè charity No monetary value has been pFaced on administrative and other services provided by the members of the charty. Crltl¢al accounting estimates and judgements In the application of thè Charills accounting policies, the Trustee is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated a5sumption$ are based on historical experience and other factors that are considered lo be relevant. Adual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period In which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of •stlmation uncertainty Useful 9conomic lives of tangible a$s8ts The annual depreciation on tangible fixed assets is sensitive lo changes in the estimate usefLJI economic lives and residual values of the assets. These estimates are reviewed annualty and amended wh&n necessary. The Trustee does not consider that there are any key assumptions concerning the future, or any other key sources Of eslimalion uncertainly, that have significant risk of causing a material adjustment lo the carryng amounts of assets and liabilrties within the next reporting period. Page 23
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 In¢ome trom donations and l•ga¢ies Unrestricted Restricted lunds funds 2023 2023 Total funds 2023 Total funds 2022 Donations and gifts Bequests Gift aid Mission donations Promotion worf( 204,952 642,908 79,418 204.952 642,908 79.418 105.942 609.636 258,238 712,673 70,170 75,204 585, 190 105,942 609,636 1,536,914 105,942 1,642.856 1,701,675 Total 2022 q,626,471 75,204 1, 701,675 Income from ¢harltsble activities Unrestrided Restricted funds funds 2023 2023 Total funds 2023 Total fvnds 2022 Afriea magazine Mass income 70,835 70.835 25.073 67,672 17,708 25,073 70,835 25,073 95.908 85,380 To1812022 67,672 17.708 85,380 Page 24
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 other incoming r8soui¢es Unrestricted funds 2023 Total funds 2023 Total funds 2022 Nel gain on disposal of tangible fixed assets 3.000 3,OCKI 7.900 Tot812022 7,900 7,900 Surplus on Ordlnary Activities 2023 2022 The operating surplus 1$ $tstes after charging- DeprecIatn of Tangible Fixed Assets Auditors, Remuneration 34.072 4.275 35,613 7,643 38,347 43,256 Page 25
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ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Govemance Costs costs Total funds 2023 2023 Support Govemance costs costs Total funds 2022 2023 2022 2022 Audit feas 4275 4,275 7643 7,643 4.275 7,643 Governance costs are alltaed lo Charitab aclMtie$ on a percentage ba51S. Governance costs includes payments lo the auditors of £4,275 (2022 £7.6431 for audit and advisory services. 10. Staff costs 2023 2022 Wages and salaries 120,501 110, 128 120,501 110, 128 The average number of persons ernployed by the Charity during the year was as follows.. 2023 No. 2022 No. Employees No employee rgceiv8d remuneration amounting to more than £60,000 in either year. 11. Trustee'$ remuneration and expons8s The Directors of the Trustee cornpany lor any persons connected with them) have not received any remuneration or benefits from thè charity during the year. The living and personal expenses of Directors who are members of St. Patrick's Missionary Society UK are borne by the charity but the received no remuneration in connection w((h their duties. Page 27
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangible fixed assets Land and freehold property Furniture and equlpment Motor Fixtures and vehlcles fittings Total Cost or valuation Al 1 January 2023 Disposals 768.121 60.368 113,2441 69,697 134,720 1,032.906 {13,2441 Al 31 December2023 768.121 47,124 69,697 134,720 1.019,662 Depreciation At 1 January 2023 Charge for the year On disposals 76.810 15,362 35,805 10,527 (13,2441 52,435 2,589 101,656 5,594 266,706 34,072 113,244) At 31 December 2023 92.172 33,088 55,024 107.2SO 287,534 Net book valug At 31 December 2023 675.949 14,036 14,673 27.470 732,128 At 31 December2022 691,311 24,563 17,262 33,064 766,200 13. Stocks 2023 2022 Finished goods 9,003 8,546 14. Debtors 2023 2022 Due within one year Prepayments and other debtors 11,974 6,637 11,974 6,631 Page 28
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Creditors: Amounts falling dug within on• y•ar 2023 2022 PAYEINIC Deferred Inco- Africa magazine Accruals 2.154 23.531 18,147 2.401 28,496 19,987 43,832 50,884 16. Deferred Incom8 {Africa Magazine) 2023 2022 Opening balance Released 28,496 14,9651 30,887 (2,397) Closlng balance 23,531 28,496 Page 29
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expendituie Unrestrlcted funds Vnrestricted Funds- all funds 1.308,426 1.610.749 11.885.4481 1.033,727 Restricted funds Restrleted Funds- all funds 25,073 {25,0731 Total of funds 1,308,426 1,635,822 {1,910,5211 1,033,727 Page 30
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement ot funds {continued} ststement of funds - prior year 8al&nce al 31 December 2022 Balanee al l January 2022 Income Expendilu Unrastricted funds Unre$tri¢led Funds - all fvnds 1.206,581 1, 702.044 (1,600,199) 1.308,426 Restrlcted funds Restrscted Funds - all funds 92,912 {92,9t2J Total of funds 1,206,581 1, 794,956 (1,693, 111) Y,308,426 18. Summary of funds Summary offunds-currentyear Balance at 31 December 2023 Balanee at 1 January 2023 Income Expenditure Unrestricled funds Re8tri¢ted funds 1,308,428 1.610,749 11.885,4481 1,033.727 25,073 125,0731 1,308,426 1,635,822 11,910,521> 1.033,727 Page 31
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary offunds (continued} Summary of funds- prioryear Balanc8 al 31 Decembei 2022 Balance al l January 2022 Income Expenditu Unrestricted funds Reslricled funds 1,206,581 1, 702,044 92,9t2 (1,600, 199) (92,912) 1,308,426 1,206.581 1, 794,956 (1,693, 111) 1,308,426 19. Analysls of nèt assets between funds Analysis of net assets between lunds - current year Unrestricled funds 2023 Total funds 2023 Tangible fixed assets Current assets Credrtors due within one year 732,128 345,431 143,8321 732,128 34S,431 {43,8321 Total 1,033.727 1,033,727 Analysis of net assets between funds - prior year Unreslncled funds 2022 Tol&l funds 2022 Tangible fixed assets Current assets Creditors due within one year 766,200 593. 110 {50.884J 766,200 593, 110 150.884) Total 1,308.426 1,308,426 Page 32
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Reconcilialion of net movement in funds to net cash flow from operatlng activit1¢$ 2023 2022 Nel Ilossllin¢ome for the year las per Slalemenl of Financial Activities) 1274.699} 101,845 Adjustmonls for.. Depreciation charges Gain on disposal of tangible fixed assets Ilncreasel in stocks Ilncreaselldecrease in debtors (Decreasellincrease in creditors (Decrease) in deferred income 34.072 13.0001 14571 15,3431 12.0871 14,9651 35, 613 [7,900) (1,058) 23 4,832 f2,391) Not ca$h (used inllprovlded by operating activities 1256,4791 130,964 21. Analysis ol ¢a$h at bank and in hand 2023 2022 Cash at bank and in hand 324.454 577,933 Total cash and cash equivalents 324,454 577,933 22. Analysis of changos In net debt At1 January 2023 Cash flows At31 December 2023 Cash al bank and in hand 577,933 1253,479) 324,454 577,933 253,4791 324.454 23. Contlngent Ilabllltles There were no capital commitments as al 310ecember 2023. Page 33
ST PATRICK'S MISSIONARY SOCIETY UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Related party transactions St Patrick's Intèrnational In¢orporated Directors Fr. Richard Filima, Fr. Patrick Esekon. Fr. Sean Cremin and Fr. Raphael Mwend8 of Sl Patrick's Missionary Society Trustee Limited (who is sole Trustee of Sl Patrick's Missionary Society UK), are also Diieclors of Sl Palri¢k's International Incorporated. During the year Sl Palri¢k's Missionary Society UK transferred the following amounts to Sl Patrick's International Incorporated". Contiibulions of £NIL12022.. £1,150,000) Restricted mission donations ol £NIL12022.' £29,806} for disbursement. As at 31st December 2023, no amounts were due lolfrom Si. Pal¥ick's International Incorporated by St Patrick's Missionary Society Scotland. St Patrick's Mlsslonary So¢Sety Ireland Dire¢lors Fr. Seamus O'Neill, Fr. Richard Filima and Fr. Sean Cremin of Sl Patrick's Missionary Society Trustee Limited (who is sole Trustee of Sl Polri¢k's Missionary S(tiety UK), are also Trustees of St Patrick's Missionary Society Ireland. During the year St Patrick's Missionary Society UK transferred the following amounts to St Patrick's Missionary S¢xiely Ireland". £18,57112022." £17,792 for the Afrtca magazine) £4,960 12022.. £13.5181 lo refund expenditure incurred by Sl. Patrick's Missionary Society Ireland on behalf of Sl Patrick's Missionary SoGiely UK. During the year Sl Patrick's Missionary Society Ireland transferred £57,650 {2022' £4,130) to St Patrick's Missionary Society UK for expenditure incurred on its behalf. As al 31$1 December 2023, £96 (£951 was due by St Patrick's Missionary S¢xEty UK lo Sl Palrick's Missionary Society Ireland. St. Patrlck's Missionary Society Scolland Sl Patrick's Missionary Society Trustee Limited is the sole Trustee of both Sl Patrick's Missionary Society Scotland and St Patrick's Missionary Society UK. During the year Sl Patrick'5 Missionary Society Scotland transferred £8,18612022.. £15,363) lo St Patrick's Missionary Soeiety UK lo refund expenditure incurred on its behaw. During the year Sl. Patrick's Missionary Society UK transferred £290 (2022.. £2,000) to St Patrick's Missionary Society Scotland lo refund expenditure incurred on ils behalf. Post balance sheet events There were no significant events affecting the Charty since the year end. 26. Approval of financial statements The Trustee approved these financial statements and authorised them for issue on 4 September 2024. Page 34